Trump Family's Crypto Venture Gets Conditional Bank Charter Approval
The Trump family's crypto venture, World Liberty Financial, has received conditional approval from Treasury Department regulators to operate as a federally chartered trust bank. This move grants 'new powers and federal credibility' to an enterprise in which the Trump family retains a 'substantial financial interest.'
World Liberty can now issue, redeem, and safeguard USD1, the dollar-backed stablecoin introduced by the firm last year. The current market value of USD1 is around $4 billion.
The approval marks a significant milestone for World Liberty, which has been relying on BitGo's third-party services to provide a stable digital currency. This change allows them to 'cut out the middleman and provide the service directly.'
Sen. Elizabeth Warren called the arrangement 'one of the clearest examples' of the conflicts of interest federal officials face as they weigh the wishes of Trump family-backed companies.